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Glen Cove Herald 06-06-2024

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_________________ Glen COVe ________________

HERALD GCHS awards top students

Suozzi supports immigration policy

Pride in Glen Cove, Sea Cliff

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VOL. 33 NO. 24

JUNE 6 - 12, 2024

$1.00

City secures credit upgrade from Moody’s plus in its operations budget during that span. The report states that while The credit ratings agency reserves remained negative at Moody’s has upgraded Glen the end of fiscal 2023, fiscal Cove’s credit rating to Baa1, 2024 is already trending posireflecting the city’s gradual fis- tively, and there will likely be a return to a positive cal improvement. fund balance over According to the the next two years. May 17 report, the The new rating upgrade is attributis a significant ed to structurally achievement, yet it balanced budgets, comes with a causignificant reserve tionary note that g r ow t h a n d t h e Glen Cove’s financity’s robust tax cial position still base. Nonetheless, has vulnerabilities. Glen Cove’s finanOfficials say that cial position, some of them stem despite considerfrom concerns with able improvements, the city’s 2016 Masremains in nega- MIKE PICCIRILLO ter Tax Agreement tive territory, limit- City controller, with RXR Realty ing its financial Glen Cove Inc., which is conflexibility. structing a 345-unit “This upg rade reflects a significant improve- condominium complex at Garment in the city’s financial con- vies Point. “I’m really happy that we dition,” controller Mike Piccirillo said, adding that the had an upgrade — this didn’t city’s operating surpluses have happen overnight,” City Countotaled about $5 million across cilwoman Danielle Fugazy-Scathe past three years, and the gliola said. “Our controller has city’s year-to-year bottom line done a great job managing the improved from minus $5.4 mil- city’s finances. However, we lion in 2020 to minus $545,000 at need to be careful. Depending the end of the 2023 fiscal year. on what happens with RXR, our The city has accumulated a surCONTINUED ON PAGE 7

By ROKSANA AMID

ramid@liherald.com

T

Elisa Dragotto/Herald photos

Saint Boniface Feast kicks off summer There were smiles all around at the Saint Boniface Martyr Feast by the Shore on rides large and small, from the thrilling Pharaoh’s Fury, right, to the fire engine ride, above, where twins Michael, left, and Killian Flannigan, 3, pretended to race to a fire. More photos, Page 10.

his upgrade reflects a significant improvement in the city’s financial condition.


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